Coronavirus Economic Relief Package and Your Mortgage Payment
March 27, 2020 Congress passed a $2 trillion COVID-19 Economic Relief Package. This is an 880 page relief package. The National Association of Realtors® has broken it down into a comprehensive guide. Below, you will see what this means for homeowners and their mortgage payments.
National Association of Realtors® – Comprehensive Guide – Housing
Housing– Provides for:
Mortgage ForbearanceNational Association of Realtors® , March 27, 2020, News Release
Borrowers of government-backed mortgages ((Fannie Mae, Freddie Mac, HUD, VA and USDA) can request up to 360-day payment forbearance without proof of hardship. No additional fees, interest, or penalties can be assessed for the forbearance. Except for abandoned or vacant property, there may be no foreclosure actions for 60 days from 3/18/2020.
Owners of multifamily properties who were current on their mortgage payments as of February 1, 2020, and have federally insured, assisted, or supplemented loan (Fannie Mae, Freddie Mac, FHA or any loans backed or assisted by any branch of the federal government, including LIHTC) may request forbearance for 30 days due to financial hardship, with extensions of up to a total of 90 days. Borrowers receiving the forbearance may not evict or charge late fees to tenants for the duration of the forbearance period.
Moratorium on eviction filings, or fees or penalties for tenants for nonpayment of rent for 120 days on properties insured, guaranteed, supplemented, protected, or assisted in any way by HUD, Fannie Mae, Freddie Mac, the rural housing voucher program, covered by the Violence Against Women Act of 1994.
See link below to read how the Economic Security Act provides for:
- Credit Reporting & Student Loans
- Small Business Administration Provisions
- Unemployment Benefits for Self-Employed
- Families First Coronavirus Response Act (FFCRA) Amendments